In a recent article, we proclaimed the death of Business Intelligence as we’ve grown to know it. Our premise is that legacy analytics solutions don’t meet evolving business needs, specifically when it comes to data access outside of structured sources. We know based on explosive adoption in the enterprise that BI software provides a competitive edge, and modern offerings are popping up all over to meet demands. One class of analytics tools that are fulfilling this promise is something called BI 2.0.
Companies need BI software solutions to quantify their industry-specific metrics and present them within dashboards and visualizations that can be easily interpreted and manipulated. New trends develop as changes in enterprise goals emerge. According to analyst house Gartner, Inc., agile BI is now the standard in an industry that is saturated with mature options for organizations looking to expand their use of self-service analysis. BI 2.0 tools are becoming increasingly common as solution providers look to differentiate themselves in an overwhelmingly crowded marketplace.
BI 2.0 tools were effectively born out of the Web 2.0 craze, and offer users the ability to utilize the internet alongside internal data to come to more well-rounded conclusions. Traditionally, businesses would collect relevant data, store it, and then deploy BI to run reports on the data. This process is tedious and fails to look at data that sits outside an organization. Business stakeholders are recommended to use the internet in conjunction with internal data for this purpose. BI 2.0 brings an agile, self-service and web-like feel to the BI process, which aligns perfectly with current use cases.
We were already convinced that the days of IT-centric BI were well behind us, but BI 2.0 is what happens when individual users can not only run analysis on internal data in real-time, but utilize the breadth of the world’s information via the internet. As an added bonus, web data doesn’t need to be stored either, and only requires a broadband connection to turn on. Not only does this new format of analytics software enable users to bypass IT, but also to bypass potential bottlenecks via laggy legacy tools.
BI 2.0 is made up of these key attributes:
- Real-time reporting
- Service Oriented Architecture
- Event integration
- Comprehensive data view
Utilizing data outside the organization provides numerous benefits. First, the ability to absorb exponentially growing social media data to capture public opinion. Organizations may also want to keep close tabs on their competitors in such a way that allows them to tailor future marketing or product influences. Those are just two examples, and the internet has an absolute wealth of information that digital businesses can use to their advantage.
At the same time BI tools begin to grow around the web, they become more like it. This is evident in recent offerings such as data or Big Data Software as a Service tools. BI 2.0 tools do not necessarily come in a different form as traditional ones did, but they do highlight the key components of legacy tools whilst adding the capability for users to gain access to more data. While BI is associated with uncovering insights from data, the second iteration of these tools emphasizes decision-making from data created by the online community.
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